2012-10-01
2012-10-31
STATION
CNBC 46
WBAL (NBC) 14
KQED (PBS) 12
KNTV (NBC) 10
WUSA (CBS) 10
KTVU (FOX) 8
WMPT (PBS) 8
CSPAN 7
KPIX (CBS) 7
KQEH (KQED Plus) 7
KRCB (PBS) 7
WETA 7
MSNBC 6
MSNBCW 6
KRON (MyNetworkTV) 5
WRC 5
( more )
LANGUAGE
English 197

Set Clip Length:


the scenes of a gm factory closure. and a trader's impression on alcoa's earnings. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning. it's wednesday, october 10th. i'm angela miles. in today's first look: earnings from alcoa and yum brands. first up alcoa. the aluminum company posted a loss, but still managed to top expectations. alcoa lowered its growth forcast to 6% from 7%. the company has $1.4 billion cash on hand. apparently there's a lot of money in chicken and tacos. yum brands, which owns kfc and taco bell, reported stronger-than- expected earings and raised its full-year guidance. meanwhile, tuesday was a down day on wall street. stocks and gold sold off on global economic concerns, while oil rallied. nhl talks could resume today between players and owners. the commissioner says major money issues are not on the agenda. and the cfo of best buy is leaving the company after 10 years on the job. todd horwitz of the adam mesh group joins us now, and we are off and running with earnings. alcoa reported in last

's hard to beat the earnings report we get tomorrow night from alcoa. i know at times i've cursed at the prospect of a stumbling alcoa kicking off earnings season with a miserable first quarter. the number of times this company seems to have missed estimates is boundless. it makes people cringe. because it is the lone standout of the new season and not much else happens tuesday, kit be worth a day's worth of chatter. how unfair that this stumble bum set the tablo. now you may not like how alcoa does, but if it does pa bad, it is no longer alcoa's fault. they are well run. the issue isn't alcoa itself and the execution or lack thereof. the issue is that alcoa sells into pretty much every market that matters. it's a far better tell for things, for example, that are now totally politicized labor report. consider what markets alcoa plays in. first, alcoa is the dominant raw materials supplier to the airspace industry that employees millions of people globally. an astounding one million screws go into each boeing 787 or airbus 380. all planes use aluminum. i don't know how you're going

to the stock market, it's hard to beat the urge of what we get tomorrow night from alcoa. i know i talked last night about alcoa and their miserable first quarter. because it is the loan standout of the season, it can be a backdrop for at least a day's worth of chatter. how unfair that this stumble bum set the tabloid. now you may not like how alcoa does, but if it's bad, it's no longer alcoa's fault. that way i will cause my oewn prompt ter of worldwide growth. consider what alcoa plays in. alcoa is the come nant space. and 1 million alcoa screws go into a 747. second aluminum is the usual material for parts of trucks. alcoa is in all of them. third construction, you need -- commercial construction uses a huge amount of -- it's commercial construction, and this is the worth of business for alcoa. let's alcoa tell us if it's for real. and we have a tremendous amount of switching. there's no really way to judge this stuff. we will get a read on one of the most important seculars that are now in place. finally aluminum, courtesy of steve jobs has become an important part of the technology food c

in three years. the flood of third quarter results kicks off tomorrow with dow component alcoa reporting its sultaftethe be. ahead of that, the dow fell 26 points, the nasdaq lost 23, the s&p down five points. joining us now to talk more about quarterly earnings, and the outlook for the markets: scott wren, senior equity strategist at wells fargo advisors. hi, scott, i want to start off by getting your take on quarterly earnings. looking here on this graph about what the forecast had been calling for is a drop of 2.4% in third quarter earnings year-over-year. it will be the first decline in 11 quarters. and over the last couple of weeks we have he been getting a steady stream of earnings warnings. so scott, will the numbers really be that bad? >> well, sus yeaux, you know, they could very easily be that bad. for me we're expecting more srx flat up 2%. somewhere in there. but really versus that consensus, you're not much different. so i think you know we're not climbing out of the hole any more. we don't have easy comparisons. you're at the point of the economic cycle where you know earni

. tom's off tonight. alcoa's earnings beat analyst estimates. we'll have more in our exclusive interview with c.e.o. klaus kleinfeld. stocks tumble on the five-year anniversary of the dow and s&p's record highs. what will it take for wall street to make a comeback? and find out what daily-deal sites like living social are doing to lure holiday shoppers as we continue our week-long look at holiday retail. that and more tonight on nbr! better than expected earnings and revenues from alcoa tonight. after the closing bell, the aluminum giant said it earned three nts a share in the third quarter. analysts were expecting break- even results. revenues also topped estimates at $5.8 billion, but that was below last year's level. the company repeated its forecast that aluminum demand will double between now and 2020. alcoa is the first dow component to report earnings, and is considered a bellwether of how the economy is faring. the stock barely budged in the regular session, closing at $9.13 a share, and was up a few pennies after hours. we're happy to have with us now alcoa c.e.o. klaus kleinfel

a good rally this year in top strategists will weigh in. alcoa moments away from kicking off the earnings season. i'll speak with chairman and ceo klaus kleinfeld in a moment. take a look at how we're finishing the day on wall street this afternoon. the dow jones industrial average at the lows of the afternoon down 110 points. volume deadly. nasdaq down 47 points. technology one of the weak spots today, down 1.5% on the nasdaq at 3,065. the s&p 500 weaker by 14, about 1%, at 441. we're moments away from the quarterly earnings due out from alcoa and yum brands. let's get today' market reaction. good to see you, guys. thanks for joining us. >> thank you. >> mike, what are you expecting out of earnings this season? >> i think we're going to have a negative quarter, maria. looks like we're down 1.21 according to the cap iq consens consensus. i think we're going to have weakness in the materials sectors. i think there's going to be a surprising strength in financials and consumer discretionary. >> i know i've asked this a million times, but is it priced into the markets we're going see a weak

, sales, though, fell 9%, and alcoa is cutting its global demand forecast for this year, citing the slowdown in china, which the ceo discussed on cnbc's "closing bell" yesterday. >> i'm relatively optimistic on china. the chinese leadership understands that the economy is slowing down. they've put a program in place, which is starting now. it's probably going to take to the end of the fourth quarter to have this visibly in the economic activity, but other than that, i'm pretty optimistic. >> let's take a quick look at how alcoa shares are responding, down 1.3%. this raises a question, is he still optimistic? but shares are lower. what's your impression? >> i think alcoa is usually kicking off on the season, and although it's really a resource type company and the wider framework of banking is still to come, but it's interesting, the 9% fall in sales. it's an indication of both the contraction we're seeing in growth for the global economy, which is expressed in those figures, and the only way companies continue to meet expectations, which we have to say are pretty low now, to bea

. yesteday turned into another downer for the market. alcoa and chevron weighed heavily on the dow. gold ended the session flat and oil dipped by nearly a dollar. and the winter heating outlook is in. following last year's warm winter, some americans will get a sticker shock this year, especially those using heating oil. those bills are projected to rise 20%. lately the hot market has been cooling off. phillip streible of rjo futures joins us. good morning to you. what's your first impression of earnings? > > we've seen a lot of liquidation in the s&p 500 recently. investors are quite concerned about a slowdown in global growth, and also a slowdown in china. we saw alcoa start to come off here yesterday. there was concern that aluminum prices forecasted going forward would be a little bit lower because of that slowdown in china. > > coming up on friday we have financials in focus with wells fargo and j.p. morgan reporting in. can you see any positioning among traders on those stocks? > > i still think that traders are going to be a little bit more defensive. they're going to start lookin

as protesters take to the streets. >>> and alcoa kicks off what could be subdued u.s. earnings season. third quarter results of the s&p 500 are expected to drop overall snapping 11 quarters of gains. >>> okay. good to have you back. >> good to be back. you were out, i was out, it was -- >> and i was a little worried about what you were up to, so i do admit, i had you followed. and my man, he sent me back this photograph. >> oh, no. >> that is you with the goggles, right? >> yes, that's me with the goggles. >> what's going on? >> that's my sister at the end there. so i was back at my alma mater in virginia for my college reunion. part of that was -- >> to dress up and pretend you played lacrosse. why are you the only one with goggles? >> that's actually a relatively new addition to the game. when i started playing, we didn't wear goggles. but you get hit in the head a lot. supposed to be a noncontact sport. but because it was supposed to be noncontact sport, you didn't wear protective gear. but you get a little riled up, there's things flying. >> you have all thatting aggres out of you? >> i

for what some say could be a tough earnings season. we'll know in about an hour when dow component alcoa reports its results after the bell. coming up, ceoklaus kleinfeld talks with maria about the global economy. we'll also be the first to have yum brand results coming up. another key indicator of where this economy and market may be headed. here's where we stand now. a selloff this morning with the dow down 79 points. just kind of bumping along the bottom of the day, now at 13,506. the nasdaq is down 37 points. all these charts will look similar today. 1.2% down on the nasdaq. the s&p is down nine points at 1446. >> it's not a very happy anniversary today for the dow's all-time high. it was five years ago today the dow and s&p 500 hit their all-time closing highs. right now the dow is about 600 points away from that high-water mark. for the year, stocks are still up a solid 15%. why does it feel like it's the most hated bull market in recent memory? the numbers show that main street investors are not on the ride. they have been pulling money out of the stock mutual funds 15 of the last

this morning. didn't help with alcoa's earnings last night. all kinds of other influences pushing it south. we're down 125 right now at 13,348. a decline of almost 1%. the nasdaq, which has been the lagger lately, is not so today. down less than .5% or 14 points at 3,505. the s&p is down 8-plus. september, as you know, may be historically the worst month for stocks. if you know your market history, you know october is not far behind, accounting for three of the worst ten months 1929, 1987, each of which had market crashes, and then there was 2008 at the height of the financial crisis. we're wondering whether this october will be a bad one as well. >> look at some of those declines from the worst months in the past. we're going pose that question in today's "closing bell" exchange. tim friedman of elevation, rob of the jensen quality growth fund along with rick santelli. so all three major averages down for the month. what do you think? is this going to be another scary month for stocks? what do you think, tim? >> i don't necessarily think it's going to be a terrible month for stocks. we could

. earnings season gets the season kicked off today with alcoa. a global labor report because it does matter when you're looking at what the economy is going to do. >> one of the things alcoa has been able to do, particularly with the ceo, is take aluminum and replace a lot of other different metals, whether it be steel in cars because it's much lighter and therefore you use less gasoline. airplanes because again it produces the gasoline use. by the way, it does construct electricity, maybe not as sufficiently in copper but it is used in china. when you look at a can, you know it is recycled over and over again. the skin of an apple ipad, i mean, aluminum has become the fundament. aluminum has been hit by football hedge funds and we have chinese people producing huge amounts of aluminum. if they would close that and let alcoa come in, then you would see a much better number from alcoa. i'm urning people not to look at the earnings per share. that is not going to be -- what you need to do when look at alcoa is look at the individual forecast that he makes. when you see him as a man of his wor

school located at the corner of alcoa avenue and university boulevard. this happened about an hour ago. montgomery county police say that the victim is at a local hospital but is refusing to cooperate. there is no word on a possible suspect. we're continuing to follow the story. we'll have the latest developments for you on our website on wusa9.com and right now we're taking a live look at the school, northwood high school located at the corner of alcoa avenue and university boulevard. someone has been stabbed but we don't have details on the victim except to say that the victim is at a local hospital and the victim is not cooperating with police. that's a surveillance camera we're looking at right now. that's sky 9 they're telling me. that's sky 9, our helicopter. >>> two prince george's county police officers accused of beating a university of maryland student are on trial today. video from the 2010 incident shows the student, john mckenna, being beaten following an upset game that took place with duke, the basketball team. the university of maryland was playing duke. the officers re

things dictated in part by china first, alcoa, the old aluminum corporation of america and on tuesday afternoon, and i think that while the company is operating surprisingly well, earnings will be hurt by high-chinese aluminum. they don't want to set down their plants, because it would layoff huge numbers of of people over there, and they are afraid to do that. alcoa sells very hot marks, aero, automobile, and gas turbines, and don't forget because of its recycling qualities they work in cans. and they make the beautiful aluminum ipad skid. the aluminum in construction is awful. alcoa is hard pressed to get to the mid teens. where it would be if china weren't producing 5 1/2 million tons of aluminum it doesn't need. we'll also hear from yum brands. it's as american as kentucky fried chicken. judging by the slowdown in nike shoe sales, the colonel probably didn't sell a lot of chicken. kfc doesn't taste like a nike sneaker, but it's about people's moods. i bet it isn't bad. i like yum in the lower 60s. wednesday morning, earnings from cost come they got me thinking i'm too negative abo

alcoa for a gauge on corporate america. plus, german chancellor angela merkel ventures to greece, where she will likely be met by a sea of angry people. yesterday in the u.s.: a stock slide on china. stocks and commodies all fell on continued concerns of a slowdown in the chinese economy. and in m&a, principal financial is said to be ready to buy a chilean pension managing company for $1.5 billion. mark sebastian of option pit mentoring joins us now. will some eyes be on europe today mark? > > i think europe's interesting. i think everybody is waiting for the spanish regional elections on october 21st to see if after that they ask for the bailout. we've seen some real strength in the euro. i'm not sure that can last if spain asks for a bailout, and i think we're running into some technical highs on the currency. expect to see the euro drop a little bit here. > > here in the united states a lot of people are concerned about alcoa's earnings, which come out after the close and kick off the earnings parade. > > earnings cycles the last couple of cycles have been "expect the worst and get m

with alcoa reporting its third quarter result. the aluminum maker beat analysts estimates but still recorded a $143 million loss. alcoa cited china's economic slow down as a reason for lowering its estimate for aluminum production for the rest the year. alcoa released its report after the market closed. the dow lost 110 points while the nasdaq was down 47. just in time for the holidays, walmart will begin testing a same day delivery service. customers in select cities who buy popular items online will have them at their door step that day. walmart is trying to compete with amazon.com which is also testing same day delivery. speaking of the holidays, neiman marcus is out with its christmas catalog. this year's fantasy gift includes a walk on role in the musical "annie." that's $30,000. a $354,000 sports car that comes in red. and just for over a million bucks his and her diamond encrusted watches. and also a trip to paris. i know what you should get for us. >> you would pick the most expensive thing on the list. i want the car. i like big expensive cars. 75 more shopping days until christmas.

corporations in the united states, and in asia where the long-term growth is. >> susie: all right. those alcoa earnings that came out last night, and its outlook for international growth weighed on the markets today. what's going to be the next big moment for the markets? is it going to be j. p. morgan on friday, what do you think? >> well, j. p. morgan is important, but the way i would view this is a mosaic that's being created every day, and what you want to see, more important than the earnings, is what companies say about the going forward outlook. do they see the world growing in 2013? what is their outlook for fourth quarter for the holiday season? and i think the market is going to react to the incoming data and it going to be very hard to forecast. but i think at the end of it, it's going to be good enough to prevent a collapse had the market, but not good enough to prevent a, to create a major gain. so i wouldn't be surprised at the end of the year to see the averages where they are today, but go a little bit lower between now and then, and then rally afterwards. and of course you hav

worse? >> earnings season here begins tomorrow with alcoa, costco, jpmorgan highlighting the week. we'll tell you why alccoa is a tell on how earnings will go. >> more worries for apple investors. reported work stoppages at foxconn. the stock now below the 50-day moving average. >> and huawei is sparking new concerns about cyber security. >> we begin with markets around the globe under pressure on global slowdown worries. 7.7% growth in china down from a previous forecast of 8.2%. the world bank citing weak global demand due to the european crisis and a slow u.s. recovery. data from europe showing industrial output in germany fell .5% in august. lots to digest. the world bank note was interesting. what they pointed out was a lot of chinese cities that had these aggressive and ambitious spending, stimulus plans to rebuild the cities might have trouble running into funding for these projects. >> i think a lot of the data that we see today is catch-up. there's just not a lot of good news out there. the brightest spot in the economy is the united states. i think it was controversial last

's happening. we have got more news, last night we heard from alcoa. alcoa is actually bringing down it's global expectations, it's global consumption expect tastes for aluminum saying in china they're looking for 6% growth. that is right in line with what we have been hearing with several other companies that say they have been seeing a slowdown as well. kfc and pizza hut are big brajds as well. >> we're just getting more dribs and drabs of data and jumping on every bit of information that we get. but some of those concerns really echoed by alcoa last night. >> if past is pro log, then what can we expect tomorrow night. we're going to take a look at the debate styles of vice president biden and congressman ryan. >>> when biden was debating for hiss approximatal k578 pain, ryan was in -- >> why is it that joe biden is the first in his family ever to go to a yooirlt. why is out that my wife that's sitting out there in the audience is the first in her family to ever go to college? is it because our fathers and mothers were not briblgt. no, it's not because they weren't as smarlt, it's not

heard from alcoa. while the company delivered on the actual earnings note, the top of the number you read, it also took the growth rate down. i didn't see the negatives that others did here because aerospace and others were good while construction was bad. nothing really new. and while china was indeed weaker, alcoa is talking about a very strong rebound in china for 2013. no matter what i think, though, people chose not to hear the point of views and alcoa kicked a field goal for the bears. so now we have the new score. it's bears 3, bulls 0. or minus 3 for purposes of the tote board. the news kept coming last night as we heard from chevron in the mid quarter update. the giant oil company totally imploded on the headline basis with a real one of those substantially worse than expected screamer. even as i thought that the story is pretty much expected by those who actually follow the company closely, as i do, having just been selling some chevron for action alerts trust, my charitable trust. somehow the old facts, a hurricane and refinery in california hurt the quarter were regarded

kernen. joe mentioned earnings reports last night from alcoa and yum. costco already out this morning with better than expected results. there's also news expected on chevron, fedex, toyota, microsoft, and best buy among others. we will have all those stories covered. plus, housing is going to be in focus today. it is a key component to the u.s. economic recovery. our guest host this morning understands this well. richard lefrak will be joining us in the next hour. also, we are continuing our week long series, what's working now. dan fuss is going to talk to us about where he's making money in the fixed income world right now. he's got a great record. i believe it's better than 10% over the last 20 years that he's been averaging. also it was a tweet heard around the world. jack welch questioning the jobs report last friday. today he is using a few more than 140 characters to explain. we're going to talk about his op ed. at 8:00 a.m., jack will be calling into the show to talk about things. all of that coming up. on the lighter side of things, we'll be talking sports. in b

tomorrow. the third quarter earnings season unofficially begins on tuesday when alcoa reports its results. and there were buyers today ahead of that news. it was one of the biggest percentage gainers of the dow, moving up 3.3%. the stock shrugged off an analyst at j.p. morgan cutting earnings estimates for alcoa. the analyst pointed to wker aluminum prices during the quarter. meantime, steel maker u.s. steel saw a small rebound in its share price, up 4.4%. but it's been a tough year for shareholders as the steel business has been hit by price cuts and weaker demand. u.s. steel is down 25% this year. global cement mixer cemex did something it hasn't done since early 2009-- it is talking publicly about its financial future, expecting sales to show a small increase in the third quarter. as a building supply company, cemex was hit hard during the credit crunch. but shares have been rallying, hitting a 52-week high with today's 4.8% rally. the financial forecast came thanks to cemex selling bonds, marking its return to the corporate debt market. the tech sector was among the weakest areas of t

, they were neck and neck today, was bank of america in the financials and alcoa in the materials sector. alcoa reports earnings next week. we'll watch that one very carefully. intel, the semiconductors weak all day in a strong market otherwise. that was the worst performing component of the dow today. then there was the 30-year treasury, which just took off, especially after the fed minutes came out at 2:00 eastern time today and the yield got even higher, up to 2.88% late in the session. energy, very much a feature today. the turkey/syria situation, and that pushed prices higher by almost 4% to $91.57. but a lot of it also had to do with gasoline futures up 5% today with that refinery in texas, the largest operating refinery in the country sustaining that big damage last night because of the fire. so there it is, up to $2.93. among the sectors, financials led the way, like bank of america. materials, like alcoa. then energy and consumer discretionary and the utilities. matt, a lot of moving parts and pieces today. how much credence -- do you see energy going much higher for here? would

earnings seasons since late 2009. as always, alcoa will kick things off followed by jp morgan chase and google. this morning economic worries were a drag on most asian markets after the world bank slashed its growth forecast for china and east asia. the imf is expected to do the same for its global outlook sometime this week. here in the states, california's governor has ordered early delivery of cheaper winter grade gas to help ease a shortage that drove prices to a record $4.65 a gallon over the weekend. the national average is just $3.81. >>> around the world, honda is recalling just under half a million crvs made between 2002 and 2006 for problems with a driver side power window switch that could cause a fire. >>> priceline.com says the cost of thanksgiving flights are already on the rise. the average domestic round trip ticket is now $393, that's up 3% over last year. >>> and speaking of holiday spending, a record seven in ten americans will celebrate halloween this year. from costumes to candy, revelers will shell out just under $80 apiece. >>> finally, say it isn't so. "the w

alcoa a key component of the dow jones industrial average. for the week the dow ended 173 points higher while the nasdaq added nearly 20 points. the house intelligence committee is expected to release a report this morning that says two of china's leading technology firms pose a significant national security threat to the u.s. the investigation recommends american companies and the federal government should not do business with huawei. the report warns of potential of cyber attacks from huawei and zte. both deny they are security threats. and "taken" was number one. it stars liam neeson as a retired fbi agent. the movie, "hotel transylvania" was second and "pitch perfect" came in third. a little something there for everybody. >> ashley morrison here in new york. thanks so much. >> extreme sky diver. a daredevil hopes to make history when he takes a big leap 23 miles above earth. this is the morning news. 23 miles above earth. this is the morning news. [ male announcer ] we put a week's worth of bad odors in a home. some aerosols may just mix with them. can febreze remove them? [ moderat

the bell, alcoa kicks off what is expected to be a grim earnings season. apple was a drag on the dow and s&p despite denials of a strike at one of its manufacturing plants. >>> house officials are warninging u.s. companies to avoid dealing with two of china's telecom equipment makers. >>> american express and walmart are rolling out a reloadable prepaid card. currently 5% of walmart transactions are done in cash. >>> gm plans to hire up to 10,000 computer pros as it takes software and tech design in-house. >>> piling more into your fridge these days? that's because american's waistlines are growing along with refrigerators. new data shows they've expanded more than three cubic feet in the last 30 years. >>> if you're trying to lose a few, the american beverage association is rolling out new soda machines and they're going to have calorie counts on the buttons. good idea. >> it's that time of year nor the neiman marcus christmas book. a $250,000 hand crafted mahogany speed boat. put that on the list for santa. >>> things get even in the major league and tiger says i'm sorry. plus five miles

of earnings season? well, after the bell alcoa lowered its 2012 outlook for aluminum demand but reported slightly better than expected earnings and revenue. >>> also yum brands, the kfc, pizza hut and taco bell parent, said it saw strong quarterly sales in china. >>> the international monetary fund says global financial risks have risen in the past six months thanks mostly to the eurozone debt crisis. >>> on tuesday protests got heated in greece as german chancellor angela merkel pledged her support for strict austerity measures there. >>> this morning toyota is recalling nearly $7.5 million vehicles worldwide to replace defects in power window switches in more than a dozen models. nearly 2.5 million in the u.s. >>> the u.s. is suing wells fargo for hundreds of millions of dollars in damages for what it claims is more than a decade's worth of mortgage fraud. >>> well, jack welch, the former head of general electric, a partial owner of this network, will no longer contribute to reuters news and "fortune" magazine. welch's decision comes in the wake of controversy sparked by a tweet he sen

the alcoa up earnings beating a strong costco earnings. the u.s. warehouse chain is still rising. apple is down almost 10 percent and they are bouncing back. apple is in correction territory so far in the last three weeks. it was atheir shares are still up 55%. as many investors stated the they will stay on the sideline as they get a better field. >> other numbers that we are following is gas prices. at the average gallon of gas has dropped by a penny. this is still up by 50¢. $4.66 four california. san jose is a $4.66. it is $3.81 in national. we may see the prices come down slightly and governor brown is asking for the winter blin fuel to be issued. it will help a little but not a lot. they do believe that the cost of gas may drop by end of this week. >> is 6:12 a.m. and we will be back. i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male an

earnings reports. alcoa and chevron came out with weaker-than-expected earnings. the dow is down 118. >>> you could have bad airbags in your car. officials are expected it explain the problem today. they have already let the auto industry know car owners whose airbags have been replaced in the last three years could be at risk. the bags could be counterfeit and they might not work. >>> a cancer patient says she was humiliated at a seattle airport when the security paddown went too far. michelle dunnay was departing on what she calls an end of life trip. she said she had to lift her shirt and pull back bandages in line. an agent also punctured a saline bag she was carrying. she was said it was embarrassing. >> when somebody wants to take a trip especially what i call an end of life trip because you want to see your family and friends, then it becomes -- it's even more important than just taking a trip. [ crying ] >> in a statement, tsa says after checking the video they have determined that screening procedures were followed properly. >>> good deals gone bad. how some air duct cleanin

is you. >>> downbeat reports from alcoa and san ramon based chevron, pulling stocks lower for a fourth straight day. consumer staples were the only industry group survived, thanks to walmart group and kos co. the dow is currently down 100. the nasdaq is down, 16. s&p is down 9. >>> not surprisingly, the bay area is home for the top tech startups. fremont was number one. they offer tax breaks to hope lure entrepreneurs to their city. >>> grape growers in sonoma county are celebrating a good season so far this year. the grape harvest is only halfway through. but yields are only 15% to 20% as expected. this harvest, the pinor nior is thriving this season. >>> coming up today at 5:00, the san francisco giants and oakland as, keeping the dreams alive, the giants take the field in less than an hour. the as are back home tonight. we'll have team coverage as both teams work toward a spot in the world series. thank you for trusting -- thank you for trusting the channel 2 news. we'll see you the next time news breaks.

about earnings right now, and wednesday caution from alcoa and a late-day warning from chevron dragged stocks lower again. however, earnings from fedex, costco and yum! brands offset some of the loss. walmart was another bright spot, hitting an all-time high on this season's layaway success and plans for more small-scale stores. >>> jpmorgan chase's cfo is reportedly stepping down at the end of the year. the bank's ceo, jamie dimon, also made headlines yesterday, backing democrats on the tax cut debate, saying he's willing to pay a higher individual rate. >>> meanwhile, westgate resort mogul david siegel, best known for his 90,000-square-foot home, warned his 6,500 employees, if president obama is re-elected he'll be forced to downsize or shut down entirely. >>> eastman kodak wants a bankruptcy judge to allow it to end benefits to some 56,000 retirees. >>> on the data front, september foreclosure filings dropped to a five-year low, and home heating oil could be 19% more expensive this winter. >>> according to forbes, columbus, ohio, is the best u.s. city for working moms followed by ne

: upside or downside? it's earnings season. alcoa reported in on tuesday. what's the most critical on earnings, the top line or the bottom line? > > you've got to look at both. revenues have been on the way down. the past year has been horrible for revenues. we've seen a drop almost in the double digits, and in fact, this quarter versus last quarter, on the bottom line now, looking for a drop of 3%. i think you need to look at both. in the financial services alone, we lost 9000 jobs in the third quarter of q3. > > so you're saying they won't be able to continue to cut expenses? > > where are they going to cut them? they're going to have to release more people. > > the performance is what's telling us a whole different story. so even though they've had this very, very low bar, every quarter we've achieved better-than-expected results. so maybe we don't achieve that, but maybe if we just come in line- > > so with the olympics then we're not going to have the high jumps, we're just going to- > > we're still going to do fine. > > round no. 2: bank of america. are you looking for a brea

on the revenue side. industrial company alcoa met estimates but lowered the forecast citing slowing global economy and demand for aluminum. an ugly week for the markets. by thursday the dow was riding a four-day losing streak and the nasdaq had the first five-day downturn in three months. the markets were then mixed on friday. meanwhile, america's trade evidence widened in august as exports fell to the lowest level in six months. that deficit increased to $44.2 billion in august. an increase of 4.1% from july. it could be a sign that a global slow down is decreasing the demand for american foods around the world. >>> two retail giants are going head to head. wal-mart announcing it will start same-day shipping of its products for a flat fee of $10. a direct shot at amazon.com. wal-mart shares jumped on the news, soaring to an all-time high while amazon fell. >>> earnings season is upon us. what will it tell us about the economy and what it means for your portfolio? joining me is joe lavorgna. he is the chief economist at deutsche bank. good to see you. >> same here. >> we are heading to the

but it fell short on the revenue side. alcoa lowered the forecast citing slower economy. by thursday, the dow was riding a four-day losing streak and the nasdaq had the first five-day downturn in three months. america's trade deficit widened in august as exports fell to the lowest level. $44.2 billion in august, an increase of 4.1% in july. it could be a sign a global slowdown is decreasing the demand for american goods around the world. two retail giants going head-to-head. walmart is going to start same day shipping for a flat fee of $10. obviously a direct shot at amazon.com. walmart shares jumped on that news soaring to an all time high while amazon fell. earnings season is upon us. what is it going to tell us for the economy and what it means for your portfolio. joe, good to see you. >> thank you, bill. same here. >> we are heading into the sweet spot of earnings season. so far, the consumers are holding out. global companies facing weakness in china and europe. >> i think q-3 will be soft as advertised. i think it will be temporary. the earnings weakness reflects concerns about europe t

of the worst earnings seasons since late 2009. as always, alcoa will kick things off followed by jp morgan chase and google. this morning economic worries were a drag on most asian markets after the world bank slashed its growth forecast for china and east asia. the imf is expected to do the same for its global outlook sometime this week. here in the states, california's governor has ordered early delivery of cheaper winter grade gas to help ease a shortage that drove prices to a record $4.65 a gallon over the weekend. the national average is just $3.81. >>> around the world, honda is recalling just under half a million crvs me between 2002 and 2006 for problems with a driver side power window switch that could cause a fire. >>> priceline.com says the cost of thanksgiving flights are already on the rise. the average domestic round trip ticket is now $393, that's up 3% over last year. >>> and speaking of holiday spending, a record seven in ten americans will celebrate halloween this year. from costumes to candy, revelers will shell out just under $80 apiece. >>> finally, say it isn't so. "t

. the aluminum company, ago co-a, -- alcoa, will kick things off. profits are expected to fall at united states companies to fall, it will be the worst profit performance since 2009. also a big anniversary, five years ago this week the dow hit a record high of 14165 less than a year before the financial crisis of 2008 hit. here's where we stand today. the dow is at 13610, after climbing 35 points and trading friday. nasdaq was down by 13, s & p 5 4u7b down -- s & p 500 down a half point. >>> a power failure at a plant and a pipe line shut down led to supply shortages on the west coast for gas. average price for a gallon of gas in california $4.49. that makes it the highest in the nation. in many parts of the state prices climbed 40 cents a gallon in the last week alone. here in the dc area, this actually feels good in comparison. we are paying $3.73 for gas. >>> and it costs more to get a higher education this year. new data showed tuition and fees at private colleges and universities rose 3.9%. the good news, this year's increase in private college tuition is the smallest on record. still well

17. >>> so how will investors react to the unofficial start of earnings season? after the bell alcoa lowered its 25012 outlook for aluminum demand but reported slightly better than expected earnings and revenue. also young brands, the c, pizza hut and taco bell parent said it saw strong quarterly sales in china. >>> the international monetary fund said global risks have risen in the last six months. >>> on tuesday protests got heated in greece as german chancellor angela merkel pledged her support for strict austerity measures there. >>> this morning toyota is recalling $7.5 million vehicles worldwide to replace defects in windows. nearly 2.5 million in the u.s. >>> the u.s. is suing wells fargo for hundreds of millions of dollars in damages for what it claims is more than a decade's worth of mortgage fraud. >>> well, jack welch. the former head of general electric, a partial partner to this network, will no longer contribute to reuters. the tweet suggested the white house manipulated jobs numbers for political gain. >>> a doggy day care outside of chicago has stepped in it so to spe

are doing what they can to get consumers' attention. stock-index futures indicating a lower open. alcoa will have quarterly results today. black friday is not the best day for a bargain. the best time to buy uggs in september or october, and the same for popular toys. some appliances get cheaper close to christmas. the cheapest time to buy a watch is in march. if you want to save money on your dental bill, don't kiss your dog. that in my next report. live at bloomberg headquarters in new reporting for abc 7 news. back to you. >> thank you. that won't be a problem for me. >> washington wizards will have an open practice tonight and it's open to the public at 6:30 at the patriot center on george mason university campus. the home opener is november 3 against the boston celtics. the nationals had a bump in the road when they got defeated by the cardinals in st. louis. >> tied at one game apiece now. fans were disappointed by the loss, but are looking forward to the rest of the series. the team now goes back to dc. >> maryland state police investigating the action of two troopers during game

pulling out of the previous one. that coupled with alcoa's third quarter earnings kickoff could be a big market driver today. yesterday intel, home depot, and walt disney all ened the day lower as u.s. driven sectors were the biggest losers. apple dragged the dow and the s&p despite denials of a strike at one of its manufacturing plants. >>> house officials are wanting u.s. companies to not deal with two of china's dealers. >>> american express and walmart are rolling out a new reloadable prepaid card. currently 85% of walmart's transactions are done in cash. >>> gm plans to hire up to 10,000 computer pros and it takes software and tech design in house. >>> piling more into your fridge these days? that's because american's waist lines are growing along with our refrigerators. new data shows they've expanded more than three cubic feet in the last 30 years. >>> meanwhile, if you're trying to lose a few, the american beverage association is rolling out n soda machines with calorie counts on the buttons. >>> finally, it may be 5:00 somewhere, but on john wayne's watch, it's always cocktail t

, microsoft and alcoa. across the board, companies are getting slammed by a weak global economy, particularly in europe. >> we know that the european debt crisis is still highly impacting companies and, for the most part, there's really no sector that's been able to benefit from growth there very broadly. so it's still the number one region that companies are citing with their toughest region going into even 2013. >> reporter: s&p 500 firms are expected to post their worst earnings and revenue results since 2009. profits are expected to rise just 0.4% and revenues 1.3%. but there will likely be a wide gap between the winners and losers this quarter. >> our two biggest laggers as far as sectors go for the third quarter are commodities-related sectors: materials and energy. materials expected to be down about 21% in the third quarter, energy down almost 17%. whereas on the flipside, companies that we're seeing that are doing quite well, financials expected be up about 20%. >> reporter: but consumers are leaving the nail biting to corporate america. they're less concerned about the slowdown over

, with alcoa releasing earning in a few minutes with the first component to do so with earnings and revenues expected to come in a big better-than-expected. this is the kickoff to what could be a disappointing quarter for earnings, perhaps, the first contraction we have seen year-over-year in the better part of three years. if that happens it could show an earning recession with stocks bracing for that today, contracting at 110 points on the dow. profits for companies that make up the s&p 500 could be dropping 3 percent this quarter and that could be an upbeat forecast. earlier the forecast was for them to be up 2 percent. that would be the worse performance since late 2009. and now, my guest has been warning about this, the game we have been seeing in the market could be short-lived. explain that, please. >>guest: the most pro tempore -- most important factor that affects market is valuation and earnings and interest rates. the interest rates are down to zero and the instead printing $40 billion a month and evaluation is up there so it comes down to earnings. the direction of interest rates

with earnings and we've got more warnings. alcoa which beat estimates cut its outlook growth because of cry in a and cummins cutting forecasts. >> the consumer appears to be holding up, costco beats thanks to higher membership fees and brisk gas sales and yum skram brands raises earnings growth targets. >> steve ballmer's bonus, is this recognition the company's got more to do for the shareholders. >> the war between walmart and amazon continues to develop, now walmart offering same-day deliverly f ly for a flat fee o. >>> alcoa earned three cents a share for the third quarter compared to expectations of a break even quarter. alcoa lowered global aluminum forecasts citing a slowdown in china. cummines is cutting its sales in profit forecast, announcing plans to cut up to 1,500 jobs by the end of the year. so mishmosh of earnings data, some people may feel good about alcoa but it is what they say about the global economy, what they're seeing in the end markets and how did you interpret that? >> got to go case by case as klaus klein loves to detail case by case, a ceo finally been able to exp

alcoa, could accept lower earnings expectations, which is the worst postrecovery we have seen in a recession in a long time. we need to recommend cautious optimism. >> all right. chad, over to you. >> two things for tomorrow, alcoa, reporting after the close, expect about a 13% decline in revenues as well as the nfib small business survey is going to come out. that is going to be a little bit bettha

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friday. more lackluster earnings to blame. >> to put it in perspective since alcoa kicked off earning season two weeks ago, the dow is down 2.5% right now. so is the s&p. the biggest loser, the nasdaq which is down roughly 4% since alcoa reported. >> that had been the leadership on the upside. low hanging fruit. it could get a lot worse because only about a quarter of the companies on the s&p 500 have reported their earnings so far. how do you navigate the choppy waters? we'll talk strategy later on in the program. let's look at where we stand as we approach the final stretch. down 83 points, two-thirds of 1% sitting at 13, 260. nasdaq getting hard hit. down about 3.75 points. it has bounced off the lows which happened at 2:00 p.m. eastern time with a fractional decline on nasdaq as we approach the final hour. s&p down two-thirds of 1%. that's nine points lower. >> we're not finished. will the bad news continue? what does it do for the markets? joining us with their perspectives on "closing bell" here today, danielle hughes and bob pisani will join us later by matthew lloyd. danny wha

, being the etf for gold, alcoa, caterpillar, lululemon and chipotle. holy cow, let's go to work on this. this is tough. here's the problem, these are actually the same. meaning they're both high-multiple expensive growth stocks. now, one's in food and one's apparel, but keep that in mind when you try to figure it out. i like gold here, alcoa's an industrial company and cat's an industrial company, and an engine company and these two restaurant -- i could very easily say earth moving, restaurant, apparel, gold, and aluminum, but i'm going to say you've got to get rid of lululemon, because i can't have you in two high-growth multiple stocks, you do that and pick up something, let's buy some abbott labs, that seems like a good stock, make that change tomorrow. let's go to don in texas. >> caller: hi, jim. thanks a lot for taking my call, love your show. >> thank you. >> caller: my stocks are conoco-philips, at&t, energy transfer partners, etp, eli lilly, lly and bank of america, bc. >> let me go to work on this. eli lily, i would not sell. at&t, people suddenly like verizon more, i would n

dropped ceilings, your light fixtures, your hvac system. in this particular case, the alcoa building, the structural members are on the outside of the building. so you can see it right away. what's the danger with this building? glass. good. glass. so you have your typical office. what are some of the hazards here? remember, earthquake island, what are some of the hazards? the lights, glass windows, yeah, glass we already talked about, the bad things. how about all the book stuff? building is still standing but everything else will fall right on top of you. bookcases, you want to secure those; right? this is what's going it happen. if you as nerts you went in there and got a report that there may be people trapped, where would you start looking for them? upper floors and void spaces. again, we talked about glass. are these people a little too close, do you think? did they give you a rule of thumb how far away to stay from buildings. well, actually 1 1/2 times the height of the building. so if you are in a 30-foot building -- you already did the math -- you want to be 45 feet away. gl

trend. alcoa comes out after the bell. generally they try not to disappoint. we are probably going to see the s&p match the previous week highs, and if it breaks through that 1477, i think we're going to shoot for 1500. > > what commodities are on your watch list for the new week? > > probably the most important one is still oil. oil is something that everybody knows about, and oil prices have backed off from $100, dropping below $90. and, they're really weighing on weekly department of energy inventory stocks. so if we see any kind of drawn-down on wednesday's figure coming out, we might see oil pose a turnaround. > > thank you and have a great week. > > thank you. suspicions about the september jobs number appear to have started with a tweet. shortly after the postive news was revealed, jack welch, former ceo of ge, tweeted: "unbelievable jobs numbers. these chicago guys will do anything. can't debate so change numbers." betsey stevenson, the former chief economist in the labor department, tweeted back: "anyone who thinks that political folks can manipulate the unemployment data

. >>> investors are expecting a disappointing round of earnings reports this week. alcoa a key component for the blue chips first up. friday a larger than expected drop in unemployment. dow up 35. nasdaq lost 13. >>> costs more to get a higher education this year. new data shows tuition and fees at private colleges rose 3.9%. the good news, this year's increase in private college tuition is the smallest on record. >>> investigators new believe that a u.s. border patrol agent killed in arizona was shot by two fellow agents. the deadly shooting happened last week about five miles north of the mexico/arizona border. the border patrol agents union says agent nicholas ivie opened fire thinking the fellow agents were armed smugglers. he was killed in the return fire. >>> former penn state football coach jerry sandusky will be sentenced tomorrow. that's after a hearing determines whether or not he is a sexually violent predator. the assistant coach was at the center of a child sexual abuse scandal and convicted on 45 charges. sandusky is expected to get life in prison. >>> a farmer at the cente

closed for columbus day but wall street is open for business. alcoa will be releasing their quarterly earnings. oil prices down in asia. a crew below $90 a barrel. and also watching what's happening in asia and the world bank is cutting its growth forecast for asia. china's gross this year cut to seven percent down to 8.2%. we will bring you the opening bell at 630. >> are ride a busy bay area weekend brought huge numbers for bart transit officials say riders should hit a new high on saturday. more than 319,000 people world bart. the user will 400 usual number s 200,000. >> it is six: 11 will be back with more in just a couple of minutes less take a live look at walnut creek. traffic on 680 looking pretty good will be right back welcome back the number of people who have been sick with fine gold meningitis from the tainted epidural steroid injections that we have told you about is not at 91 people in nine states including seven deaths from this injections. a voluntary recall has been issued of all its profit products. >> an update on an earthquake in southern california no reports or

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